Jamb Commerce Past Questions and Answers

Question 316:

• JAMB 1998

A minor is not permitted to enter into a valid contract because he

A. Cannot pay the consideration
B. Is too young to interpret the law
C. Is young in the eye of the law
D. May not be able to write the contract

Question 317:

• JAMB 1998

A person who is cheated in business transaction can seek legal remedy

A. Even if the agreement is verbal and the amount involved is large
B. Only if the business is a sole proprietorship whose owner is known
C. Regardless of the form of business organization
D. Only if the transaction is documented in a contract

Question 318:

• JAMB 1998

The most essential element of a product is the

A. Price
B. Utility
C. Design
D. Colour

Question 319:

• JAMB 1998

Which of the following is a disadvantage of nationalization

A. It promotes poor economic planning
B. The cost of services is not determined by by market forces
C. It may lead to rationalization of resources
D. The development of local skills and technologyis retarded

Question 320:

• JAMB 1998

An example of a consumer protection agency is the?

A. Nigeria Bar association
B. Nigeria Medical Association
C. Ferderal Environmental Protection Agency
D. Manufacturers Association of Nigeria